The resolution, H.J. 109, passed the House in a 228-182 vote and the Senate in a 60-38 vote, with both votes falling mostly along party lines. However, neither vote garnered the necessary two-thirds majority to override a presidential veto.
The White House echoed concerns voiced by Democrats during the votes, asserting that using the CRA would “jeopardize the well-being of consumers and investors” by limiting the SEC’s ability to issue future guidance. The administration also stated that the bulletin “reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets.”
During the legislative debate, some Democrats argued that the bulletin isn’t a final rule and therefore isn’t subject to the CRA. The SEC has maintained that the bulletin is only guidance, though a Government Accountability Office report said the bulletin met the characteristics of a rulemaking.
The SEC did not immediately respond to a request for comment on Friday.
